Reuters: Regulatory News: UPDATE 2-Ex-Swiss central bank head to join BlackRock

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UPDATE 2-Ex-Swiss central bank head to join BlackRock Jun 13th 2012, 05:54 Wed Jun 13, 2012 1:54am EDT * Hildebrand to oversee big institutional clients * He resigned from SNB after currency scandal * Praised for role in UBS bailout in 2008 crisis June 13 (Reuters) - Philipp Hildebrand, who quit as chairman of the Swiss central bank in January over a currency trading scandal, is to join BlackRock, the world's largest money manager, as vice-chairman in October. Based in London, Hildebrand will report to Laurence Fink, BlackRock's chairman and CEO, the U.S. fund manager said. In an email, spokesman Brian Beades said Hildebrand will oversee the firm's largest institutional client relationships in Europe, the Middle East, Africa and Asia Pacific. Hildebrand resigned from the Swiss National Bank (SNB) after emails failed to clear him of involvement in currency trades by his wife, Kashya, just weeks before he oversaw the introduction of a cap on the Swiss franc's value. The former Moore hedge fund manager, who controlled his own portfolio, was later found by an SNB-commissioned audit not to have broken the central bank's old rules. He joined the SNB in 2003, rising to chairman in 2010, and won praise for helping to orchestrate the 2008 bailout of UBS , which prompted tougher Swiss banking regulations. In March, Oxford University - where he studied at Lincoln College and received his doctorate in international relations - said he would be a visiting fellow - in an unpaid advisory role - at the Blavatnik School of Government. New York-based BlackRock, founded more than 20 years ago as a one-room bond investment firm, grew to become the world's largest publicly traded asset manager through a series of acquisitions, led by Fink. It sidestepped the toxic assets that laid low many of its rivals in the financial crisis, and now has around $3.7 trillion of assets under management. Five years ago, Allianz AG's Pacific Investment Management Co (Pimco), then the world's biggest bond fund manager, signed up former U.S. Federal Reserve chairman Alan Greenspan as a consultant on economic issues. Shares in BlackRock, valued at $30 billion, have slipped 3 percent so far this year, underperforming a 3 percent gain on the Dow Jones industrial average. Link this Share this Digg this Email Reprints

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